the business should run more than 5 yearsrevenue more than...

the business should run more than 5 years
revenue more than $15m/y , profitable or close to profitable
valuation in line with merge term
new 300 shareholders required

these rules make backdoor listing nearly impossible, IPO looks easier.
for a company with no cash no asset nothing on hands, just a shell, only the valuation stage will result the existing shareholders got nothing left.

I am not telling a story, these were what I experienced when dealt with ASX.